Apr 10, 2020, 6:08:47 AM
AUD/CAD: Ichimoku clouds
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (0.8764). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8991).
On the daily chart Tenkan-sen line is above Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.8803). The closest resistance level is the lower border of the cloud (0.8893).
On the four-hour chart the instrument is still rising. On the daily chart the instrument is trading within the cloud. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.8991) line and Stop Loss at the level of Kijun-sen line (0.8764).
0.8764, 0.8803, 0.8991, 0.8893